Car Loan Life Insurance – If you are the sole breadwinner, in the event of an untimely death without a life insurance policy, your family faces a financial crisis.
I said, “Did you hear the news of Chartered’s plan to crash in the Mumbai suburb of Ghatkopar on June 28, 2018?”
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I asked, “Did the two pilots and the two maintenance engineers know that they were flying for the last time?” Did the pedestrians who came out know it was the last day of their lives? Did the occupants of the charter plane know they were going to crash. 3 km from the track?
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Life insurance is the only way to protect the future of your loved ones in your absence. Without life insurance coverage, many problems can arise for you and your family, such as:
You buy life insurance to let your loved ones know that you care about them. To let them know that even if, for some unfortunate reason, you won’t be with them physically and emotionally supporting them, financial matters will be taken care of.
Without a life insurance policy, you are leaving your family in financial difficulty. You may not know that your family is not only suffering from emotional pain, but also from a financial burden.
Undesirable events and disasters like road accidents, train derailments, stampedes, tsunamis, earthquakes, floods, plane crashes, fatal illnesses or terminal illnesses, etc.
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If you are the breadwinner and you lose your life due to such an unfortunate incident, how will your dependents cope with the loss of income?
With the help of a life insurance plan, such as a term plan, you can ensure that your family does not have to go through a financial crisis. A term plan comes with high coverage at low premiums.
So, the best thing to do is to choose a life insurance plan to protect your family from a financial crisis.
You may have opted for a car loan, a personal loan, a home loan or a business loan. Or maybe, maybe along the same lines as achieving your goals and dreams.
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You may have planned to start a business. Or maybe you have run one. Think about the consequences for your family of not having a life insurance policy or on your business without a Keyman policy.
Your family members may be asked to repay. And until payment is made, your family may have to endure repeated harassment from the lender or agent. And the business could experience a decline.
Alright, let’s say you don’t have a loan. Either personal or business loans. But that doesn’t mean your family won’t have to bear the financial burden. If you leave your loved ones without a source of income after your death, chances are they will seek financial support, which means more burden.
What you need to do is plan for a source of alternative income or cash for your family after your death. As a family, you still have to deal with finances such as monthly expenses, our child’s education, marriage, etc. In this case, you can look for an insurance plan for the duration of the income replacement.
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In addition, many insurance companies also offer loan insurance policies. This means that you can secure the selected loan amount. This plan can save the lives of your loved ones if you die soon.
Long live your children and their dreams. But to make sure your child’s dreams aren’t just dreams, you need to make financial arrangements to make those dreams come true.
You know very well that the cost of raising children is increasing. And higher education from a reputable and well-known institution is nothing short of a dream. This is a challenge for middle-class families. But, as a mother, you will do anything for them.
This is where life insurance plans come in handy. A children’s plan, which is a type of life insurance plan, helps build funds for your child’s education. More importantly, it will take care of your child’s financial needs in your absence.
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Old age is your golden age. Age is wise. Don’t get stuck with no money until you want to live in a financially dependent cage.
If you are a self-respecting person and want to be financially independent in retirement, then you should opt for a pension or retirement plan. Because the reality is that all of your savings can be ruined for one reason or another – whether it’s child rearing, marriage, an uncertain event that causes financial instability or a medical emergency. These expenses cannot be avoided. And time is limited.
Salah is not sure whether such an event will happen or not. No one knows if their savings will remain intact. Therefore, it is advisable to invest money in a retirement plan. Check all possible options. Opt for an economical, affordable and advantageous retirement plan. So retire.
Now listen. Carefully. Even if you’re not planning for your retirement, think about your surviving spouse. In the event of death, the cover will be paid to the candidate, which will help him to age. Also help your partner plan for retirement.
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Think of this as an added bonus to being a good reader – because you’ve come this far.
All premiums you pay for any type of life insurance policy are tax deductible under Section 80C of the Income Tax Act 1961. However, the maximum tax benefit you can avail is Rs 1.5 lakh per annum. In addition, the maturity benefit and death benefit under any life insurance are not taxable under section 10 (10D).
There are many life insurance products such as term plan, whole life plan, ULIP, endowment plan, children’s plan and retirement plan.
You can assess your needs. And learn about the different types of life insurance plans. Then, depending on your needs, choose the most suitable life insurance policy to protect your family. Because family comes first.
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He’s a writer. His blood cells are woven with hypergraphy, when he breathes in a book he spits out words and sneezes out rhymes. Captivated by the web of words, he miraculously attempted to escape as a content writer in . If you’re in the market for a major purchase like a car, you may also need to take out a loan to cover the cost. The personal loan and the car loan are the two most common financing options. Assuming you meet the respective loan conditions, they can be easily accepted.
So what is the difference between the two? Personal loans can be used for many different purposes, including buying a car, while car loans (as the name suggests) are actually used to buy a vehicle. Each type of loan has its own advantages and disadvantages; It is important to weigh and compare them before signing on the dotted line.
A personal loan provides the borrower with funds from a lending institution (usually a bank), in the form of a lump sum which the borrower can use at their discretion, for example for holidays, weddings or renovations.
Personal loans can be secured by something valuable, such as a vehicle or a home, allowing the lender to seize your assets to recoup losses if you fail to repay the loan. However, many people choose an unsecured loan, which means the loan is made without collateral.
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The two key elements that affect the total amount paid on a loan are the interest rate and the term of the loan. A personal loan calculator can be a useful tool in determining how these factors will affect what you pay each month.
In general, unsecured loans have higher interest rates than secured loans compared to those with collateral. Unsecured personal loans also come with stricter approval requirements, so you want good credit on your side. If your property is in poor condition, a personal loan may not be an option.
Your credit score will affect the loan amount and the interest rate, which can be fixed or variable. The better your credit score, the higher your borrowing capacity and the lower your interest rate. Conversely, the lower your credit rating, the lower your borrowing capacity and the higher the rate.
Personal loans have a set repayment period expressed in months – 12, 24, 36, etc. A longer loan term will lower your monthly payment, but you will pay more interest over the term of the loan. Conversely, a shorter loan term means higher monthly payments, but lower overall interest, because you repay the principal more quickly.
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Most lenders accept online applications for personal loans, and you can often be approved for a car loan on the spot at a car dealership.
A car loan is secured by the vehicle you intend to purchase, which means the vehicle becomes collateral for the loan. If you default on your payments, the lender can repossess the car. The loan is repaid in fixed installments throughout the life of the loan. Like a mortgage, the lender retains ownership of the asset until you make the final payment.
To determine the interest rate
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